The case for bitGOLD and bitSILVER

[yvv]

It's like adding a transaction fee.  Or in our case maybe it was more like shifting a fee from one party to another.  Of course some will not like that, but it's not the end of the world.  I don't see any reason to make such a big deal and continuously carry on about it.  Especially since periodic tweaks are needed...and the community decided on this.  Can't you accept that and give it a rest already?

Yeah, banks always change fees and interest rates and fraction of reserve, and nobody says that bank account is not backed by anything. My understanding is that committee  moved bitCNY settlement because Chinese community wants a tighter peg to CNY. What is wrong with this?

[tbone]

Yes... until the committee decides that they're not. Like they did with bitCNY.

don't be unfair to the committee, please. It has been voted for by shareholders.

I don't mean to be unfair.

Fact is, the committee alone has the power to make such changes. With the power comes responsibility.

Settlement of CNY has been moved from 100% to 99%.

It is still backed by BTS collateral. Just one parameter was tweaked. I don't see a problem here.

Well... suppose you had a number of DGX tokens that are redeemable for 1 ounce of solid gold. Some day digix.io comes along and says "Oh, btw, from now on your tokens will be redeemable for 0.99 ounces of solid gold."
Would you also call that "just a parameter tweaked"?

It's like adding a transaction fee.  Or in our case maybe it was more like shifting a fee from one party to another.  Of course some will not like that, but it's not the end of the world.  I don't see any reason to make such a big deal and continuously carry on about it.  Especially since periodic tweaks are needed...and the community decided on this.  Can't you accept that and give it a rest already?

[yvv]

Well... suppose you had a number of DGX tokens that are redeemable for 1 ounce of solid gold. Some day digix.io comes along and says "Oh, btw, from now on your tokens will be redeemable for 0.99 ounces of solid gold."
Would you also call that "just a parameter tweaked"?

BitGold is not like DGX token, there is a big difference between them. DGX is an IOU, bitGold is not. It is an index following ETF. You should realize that its market price vs gold may vary by design. And of course tweaking it to stimulate shorting is absolutely legit.

[pc]

Yes... until the committee decides that they're not. Like they did with bitCNY.

don't be unfair to the committee, please. It has been voted for by shareholders.

I don't mean to be unfair.

Fact is, the committee alone has the power to make such changes. With the power comes responsibility.

Settlement of CNY has been moved from 100% to 99%.

It is still backed by BTS collateral. Just one parameter was tweaked. I don't see a problem here.

Well... suppose you had a number of DGX tokens that are redeemable for 1 ounce of solid gold. Some day digix.io comes along and says "Oh, btw, from now on your tokens will be redeemable for 0.99 ounces of solid gold."
Would you also call that "just a parameter tweaked"?

[yvv]

What happened with bitCNY? I don't see anything different from other bitassets.

Settlement of CNY has been moved from 100% to 99%.
https://github.com/bitshares/bsips/blob/master/bsip-0016.md

It is still backed by BTS collateral. Just one parameter was tweaked. I don't see a problem here.

[xeroc]

Yes... until the committee decides that they're not. Like they did with bitCNY.

don't be unfair to the committee, please. It has been voted for by shareholders.

What happened with bitCNY? I don't see anything different from other bitassets.

Settlement of CNY has been moved from 100% to 99%.
https://github.com/bitshares/bsips/blob/master/bsip-0016.md

[yvv]

Yup. It's really unfortunate that bitGOLD and bitSILVER are backed by empty promises, too. They could've been a real success..

No, they are not. They are backed by 1 once of gold and silver worth of BTS.

Yes... until the committee decides that they're not. Like they did with bitCNY.

What happened with bitCNY? I don't see anything different from other bitassets.

[chryspano]

Yup. It's really unfortunate that bitGOLD and bitSILVER are backed by empty promises, too. They could've been a real success..

No, they are not. They are backed by 1 once of gold and silver worth of BTS.

Yes... until the committee decides that they're not. Like they did with bitCNY.

You have a point but still it's better than the "real asset" backing joke.

[pc]

Yup. It's really unfortunate that bitGOLD and bitSILVER are backed by empty promises, too. They could've been a real success..

No, they are not. They are backed by 1 once of gold and silver worth of BTS.

Yes... until the committee decides that they're not. Like they did with bitCNY.

[bitsharesbrazil]

I really dont like system like dgx tether...... Its more the same that will lead to fraud n scams

Its is unfair to call bitgold is backed by promisses....its  strongly backed by a pretty good asset in crypto world, n the best thing  in a decentrilized way.

Like ivy said.....if tweak is needed lets do it.....but bitassets concept as a whole is the best that crypto space ever created to decentrilize n guarantee what you own......

[yvv]

it is considerably different to own a gold etf, backed by empty promises, and which may or may not be redeemed for fiat at a time of your choosing, and owning a "gold etf-token" in the blockchain .. which, provided there is enough liquidity, traders can always get rid of, or acquire, at will.

Yup. It's really unfortunate that bitGOLD and bitSILVER are backed by empty promises, too. They could've been a real success..

No, they are not. They are backed by 1 once of gold and silver worth of BTS. There is one advantage of bitGold/Silver over tokens backed by physical gold/silver: anybody can issue them easily on  blockchain, just put BTS collateral in, no audit required. You can't do this as easily with DGX token, since a trusted party needs to buy and store a proven reserve of physical gold.

[yvv]

I would invest into bitGold,Silver market making pool with my pleasure if it is done the right way.

What is 'the right way' ?

First off all the pool has to be transparent. Funds allocations and statistics have to be public. This is a job of fund manager. And dividends have to be attractive.

[pc]

it is considerably different to own a gold etf, backed by empty promises, and which may or may not be redeemed for fiat at a time of your choosing, and owning a "gold etf-token" in the blockchain .. which, provided there is enough liquidity, traders can always get rid of, or acquire, at will.

Yup. It's really unfortunate that bitGOLD and bitSILVER are backed by empty promises, too. They could've been a real success..

[BunkerChainLabs-DataSecurityNode]

I would invest into bitGold,Silver market making pool with my pleasure if it is done the right way.

What is 'the right way' ?

[yvv]

I would invest into bitGold,Silver market making pool with my pleasure if it is done the right way.